(220 ILCS 5/7-105)
(a) Notwithstanding anything to the contrary in Sections 6-103,
7-101, 7-102, 7-203, 7-204, and 7-204A of this Act or any rule or regulation
promulgated by the Commission, a public utility providing electric service to
more than 500,000 customers in this State may, within 550 days after the
effective date of this amendatory Act of 1993 or any extension of time pursuant
to Section 7-106 of this Act, without the approval or consent of, or prior
filing for the approval or consent of, the Commission:
(i) engage in only those transactions as are
(b) The terms of transactions authorized by Section 7-105(a)(i) shall
require that the holding company pay, or reimburse the public utility for, all
expenses incurred, services rendered, or facilities provided by the public
utility engaging in such transactions. Such public utility shall incur no
liabilities in or in connection with such transactions other than expenses
incurred to effect such transactions. The terms of any loan authorized by
Section 7-105(a)(ii) shall require that the loan (i) be repaid no later than
the 240th day after the public utility becomes a subsidiary company of the
holding company and (ii) bear interest at the rate of 10% per annum.
Contracts or arrangements between the public utility and any of its affiliates,
including the holding company, other than as authorized by Section 7-105(a),
shall be subject to the jurisdiction of the Commission under Sections 7-101,
7-102, 7-204A(b), and other applicable provisions, if any, of this Act.
(c) Costs incurred by a public utility in effecting or attempting to effect
any transaction authorized by this Section 7-105 shall not be included in rate
base or treated as allowable expenses for purposes of determining the rates to
be charged by the public utility.
(d) Not later than the earlier of (i) the 30th day after a public utility or
a company which seeks to become a holding company of such public utility in
accordance with this Section 7-105 files any registration statement or
application with any federal regulatory agency seeking authority for a
transaction in which such public utility would become a subsidiary of such
holding company or (ii) the 180th day after the effective date of this
amendatory Act of 1993, such public utility or holding company shall file with
the Commission, for the information of the Commission and the public, the
information, to the extent available to such public utility or company on such
day, described in Section 7-204A(a) of this Act, and such public utility or
company shall, until the day on which such public utility becomes a
subsidiary of a holding company, file with the Commission all additional such
information, and corrections, amendments, or supplements to all previously
filed such information, as soon as practicable after it becomes available to
such public utility or company; provided, that nothing in this Section 7-105
eliminates or restricts the Commission's authority, on timely motion of any
person or corporation, to enter an order to protect confidential, proprietary,
or trade secret data or information filed with the Commission.
(e) As used in Sections 7-105 and 7-106 of this Act, "subsidiary company"
and "holding company" mean a "subsidiary company" and a "holding company" as
defined in the Public Utility Holding Company Act of 1935, as amended.
(Source: P.A. 88-83.)